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Posted on 01/06/2012 3:43:25 PM PST by tobyhill
Unemployed homeowners will be allowed to suspend or reduce mortgage payments for as long as a year under a new policy announced by mortgage finance firm Freddie Mac on Friday. The new rules take effect on Feb. 1.
Freddie Mac will give mortgage servicers the authority to provide six months of forbearance to unemployed borrowers without prior approval, and the agency can approve an additional six months of forbearance after that. Homeowners are still responsible for paying off their full mortgage plus interest after the forbearance period ends.
According to a Freddie Mac news release, unemployed borrowers can now avoid foreclosure by asking their lender to lower their payments for up to one year. The latest statistics suggest nearly 10 percent of delinquencies on Freddie Mac mortgages were tied to unemployment.
(Excerpt) Read more at cbsnews.com ...
When will worthless drones ever learn, NOTHING is free....
Where’s my iPod?
Vote buying one dead beat at a time.
I managed to continue to pay my mortgage (but thanks to a rash of foreclosures in my neighborhood, the house is underwater as it has lost a ton of value).
I also spent big bucks to go back to school which I am paying for myself (one year too early--the Obama free ride kicked in the next year for the program I completed), and now with one child finishing college and two about to start, hubby and I are too "rich" to qualify for the free rides for my kids like all the single moms I know do.
Tagline....truer every day.
Buying votes from Obama’s stash!
Coming headline: Foreclosures Unexpectedly Drop.
Fer Cryin out loud...
Cool, so we’re gearing up to basically restart the housing bubble all over again, and still haven’t let the last cycle of this nonsense bottom out.
Obama Freeloader Nation!
Look at chart from Zero Hedge on Civilian Employment to Population under Obama!!!!!!!!!!!!!!!!!!!!!!1
So who pays the taxes and insurance? If the property is not insured, do the banks have the right to reposes. Or are they expected to pay it themselves? How can obumber make a spending decision with no input from Congress? I’m confused.
Freddie Mac Seeks [ADDITIONAL] $6 Billion Bailout After Worst Quarterly Loss This Year
http://www.huffingtonpost.com/2011/11/03/freddie-mac-seeks-6-billion-bailout-quarterly-loss_n_1073962.html
Freddie Mac, on taxpayer support, pays big bonuses [$13 MILLION in bonus payments].Executives tell House committee that bonuses needed to keep qualified staff at Freddie Mac and Fannie Mae.
I feel the same way.
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